Managing Student Loan Debt: Getting Started
By: Ashley Matthews
Congratulations, law school grads – you did it! After 3 years of casebooks, study groups, outlines, and hornbooks, it’s finally over.
But now, it’s the moment we’ve all been dreading/ignoring: student loan repayment. As the end of the grace period creeps onto our calendars, now is the best time to prepare.
It’s no secret that student loan debt can hurt your economic status in a major way. And on a public interest salary, repaying student loans can be downright crippling. (Just ask a few of the lawyers recently profiled by the Philadelphia Inquirer – one of whom was forced by debt to move back home with parents at the tender age of 49.)
The good news is that you are not alone. Student loan expert Heather Jarvis, a former public interest attorney, is committed to reducing the financial barriers to practicing our favorite kind of law here at PSLawNet. So before you have a severe panic attack at the thought of being shackled to your loans forever, take a look at these pointers from a recent blog post Jarvis wrote about taking the first baby steps to deal with our giant loans:
1. “Figure out which loans you have.” Sounds simple, right? Maybe for some, but many law students have multiple loans from different lenders. Some loans may even come from private lenders.
2. “Decide which consolidation works for you.” Loan consolidation is key to Public Interest Loan Forgiveness. If you have a FFEL loan, things may get a bit tricky.
3. “Choose a repayment plan.” This sounds simple too, right? Once again, it may be for some people – but for others, crafting the right plan involves weighing multiple options.
For more important information and links, check out the full blog post at Jarvis’ website, www.askheatherjarvis.com. This site is a wealth of information about student loans, so it would be smart to educate yourself well before you walk across the stage at law school graduation. The better prepared we are to handle student loan debt, the more we are able to commit ourselves to what matters most: using our law degree to help others in need.